Kevin O’Leary, host of the television show “Shark Tank,” anticipates a major capitulation event that would induce anxiety and panic among crypto investors.
In a recent interview on the YouTube investing channel Meet Kevin, the venture investor expressed his belief that the bottom for digital assets has not yet been reached, despite the fact that the market cap of the embryonic sector has lost more than half of its peak value.
Voyager is undersized. It is immaterial. Regarding overall market capitalization, the remainder of these individuals were mostly insignificant. The market capitalization of Bitcoin and the crypto market as a whole has almost halved, so it would seem that we are on our way to rock bottom.”
O’Leary is alluding to the cryptocurrency brokerage business Voyager, which filed for Chapter 11 bankruptcy earlier this month after a large borrower failed on a substantial loan.
The billionaire emphasises that he is still awaiting a major capitulation event that would shake the cryptocurrency business.
“I enjoy a huge, enormous panic incident. That has always been an excellent way to conclude. It involves towel flinging. It’s a surrender. It is a vast quantity. It’s absolute chaos on the streets, which is usually an excellent purchasing opportunity.
I have no clue who is following. It may be tomorrow morning or it could be a month from now, but it’s coming to a cinema near you, and it’ll be a huge boon for the business. It will be a good thing since it will eliminate all the flawed company models, excessive debt, and dangerous speculation.”
Also Read: Three Arrows Capital’s Bankruptcy Petition Says Co-Founders May Have Departed Singapore
Wallets